Mas Financial Services Ltd. share price target

We maintain a BUY rating on the stock with a revised target price of Rs 800/share (2.5x FY24E BV), implying an upside of 28% from the CMP.

We maintain a BUY rating on the stock with a revised target price of Rs 765/share (2.5x H1FY24E BV), implying an upside of 35% from the CMP.

With the company looking to restart its growth journey after a brief pause, MAS is likely to deliver strong returns over the long term. We maintain a BUY rating on the stock with target price of Rs 925/share (3.2x FY23E BV), implying an upside of 23% from CMP.

We maintain a BUY rating on the stock with a target price of Rs 925/share (3.2x FY23E BV), implying an upside of 25% from CMP.

MASFIN delivered a record high quarterly disbursement of INR14.8b (up 42% QoQ and 80% YoY). After exhibiting a sequential decline in four out of last five quarters, AUM grew 6% QoQ to INR57.9b. Asset quality (deteriorated by ~10bp QoQ to 1.9%), but has still been rather healthy compared to peers in MSME/SME lending. Capital adequacy as well as liquidity on the Balance Sheet continues to remain strong. While there has been a marginal deterioration in GS-III, it witnessed a sharp recovery in disbursement and AUM growth. MASFIN continues to focus on...

We maintain a BUY rating on the stock with an unchanged target price of Rs 960/share (3.3x FY23E BV), implying an upside of 23% from CMP.

We value MAS at 3.3x FY23E BV and believe our target multiple reflects the superior return ratio profile and robust asset quality. We maintain a BUY on the stock and arrive at a target price of Rs. 960/share, implying an upside of 25% from CMP.

MAS Financial Services (MASFIN) reported 6% YoY higher PAT to INR365m (est. INR374m) in 4QFY21. The 14% miss on operating profit to INR575m was due to higher-than-estimated financing costs, coupled with higher operating expenses (est. 18%). Lower-than-estimated provisioning of INR75m (55% below our estimate) led to in-line PAT. It posted 20%/16%/20% decline in total income / PPOP / PAT in FY21. Overall earnings and balance sheet growth are muted due to the cautious approach adopted by the management. We cut our estimates for...

We maintain a BUY on the stock and value MAS at 3.5x FY23E BV and arrive at a target price of Rs. 1010/share, implying an upside of 18% from CMP.